Beyond Audit - Auditing Remotely and Delivering Value

Your game plan for strategic success in today's remote audit department
 
Beyond Audit is your guide to taking advantage of this unique moment to review and enhance your audit methodology to improve execution, operations, and audit product. Change has been thrust upon the audit industry, and every company must adapt to business interruptions and remote work environments. Now is the perfect time for audit departments to step back and turn a critical eye on their own operations. We have an opportunity to identify new ways of increasing product offerings and building more effective and efficient operations, ultimately creating better results for our partners and clients.
 
This book will take you from a foundational understanding of the business environment through to a reflective review of your own operational effectiveness and efficiency. You'll gain access to the Audit Risk Barometer (ARB), an innovative self-assessment tool that scores audit department strengths and opportunities for improvement. This book also includes a detailed methodology for working with your business partner to ensure clear identification of business objectives. You'll also learn how to identify "true process risks" to ensure that testing remains focused and adds value. Finally, you'll learn critical skills and team development ideas for every level.
* Gain a fundamental understanding of today's business environment and how traditional and remote auditing fits into the new business puzzle
* Use the exclusive Audit Risk Barometer to conduct a valuable self-assessment and uncover your team's strengths and weaknesses
* Learn how to effectively and efficiently work with your business partner to identify objectives and value-add opportunities
* Access online resources, including video summaries and interactive tools to revamp your audit department
 
Beyond Audit incorporates links to online video summaries, templates mentioned throughout the book, interviews with experienced professionals, and an audit tracking software tool. This book is an enormously valuable resource for audit teams of any size and shape.

List of contents

Preface xi
 
Acknowledgments xv
 
About the Author xvii
 
Chapter 1: What Happened 1
 
Audit Execution Challenges 2
 
Understanding Your Role 5
 
Critical Meeting Keys 7
 
Chapter 2: Understanding the Remote Approach 11
 
Traditional versus Remote Audit 11
 
Recognizing the Challenges 14
 
Responsibility Assignments 18
 
Communicating Critical Information 19
 
Audit Planning 22
 
Audit Fieldwork 24
 
Audit Reporting 25
 
Audit Wrap-Up 26
 
Chapter 3: Marketing the Internal Audit Department 29
 
Creating Your Audit Brand 29
 
Defining Internal Audit 30
 
Internal Audit's Three Pillars 32
 
Explaining the Audit Phases 34
 
Dispelling the Myths 38
 
Chapter 4: Building an Effective Audit Team 41
 
Beyond Audit Learning Map 42
 
Skills Focus in the Remote Environment 44
 
Remote Business Partner Meetings 49
 
Agendas Drive the Meeting 50
 
Audit Status Memos 53
 
Remote Auditor Skills Profile 54
 
Beyond Audit Development Plan 59
 
Chapter 5: The Methodology - Objective Recognition 61
 
Improving the Audit Process 61
 
Beyond Audit - ORC Model 62
 
Identifying the Business Objective 66
 
Business Objective Identification Challenge 69
 
Business Objective Identification in a Remote Audit 70
 
Business Process Risks 73
 
Business Process Controls 75
 
Completing the Audit Planning 77
 
Chapter 6: Audit Fieldwork 79
 
Fieldwork Communication 82
 
Fieldwork Responsibilities 84
 
Workpaper Requirements 85
 
Beyond Audit - Baseline Workpaper Components 86
 
Sufficient Evidence 91
 
Workpaper Self-Review and Keys 93
 
Beyond Audit - Top 10 Keys to Managing Fieldwork 93
 
Chapter 7: The Methodology - Partner Results 101
 
Communicating Audit Results 101
 
Understanding the Audit Report Phase 102
 
Audit Report Foundation 104
 
Beyond Audit - Issue Discussion Keys 105
 
Audit Reporting throughout an Audit 106
 
Effective Internal Audit Report Components 107
 
Audit Report Challenges 119
 
Chapter 8: Internal Audit Value 121
 
Defining Real Action 122
 
Steps in Creating an Action Plan 125
 
Action Plan Adoption Process 130
 
CA Methodology Overview 132
 
Action Plan Tracking 137
 
Chapter 9: Internal Audit Dashboards 141
 
Dashboard Defined 142
 
Beyond Audit - DDIO Methodology 144
 
Audit Dashboard Functions 154
 
Audit Dashboard - Lessons Learned 159
 
Chapter 10: Communication Focus 161
 
Understanding the Communication Model 162
 
Message Delivery 165
 
The Value of Listening 168
 
Beyond Audit Advisor Approach 169
 
Internal Audit Relationships 173
 
Beyond Audit - Internal Audit Marketing 178
 
Beyond Audit - Meeting Facilitation Keys 179
 
Chapter 11: Analyzing Internal Audit 181
 
Beyond Audit - ARB Methodology 182
 
ARB Conclusion 197
 
Chapter 12: How Good is Audit? 199
 
Introducing the Top Ten 200
 
Creating an Action Plan 220
 
Chapter 13: Focused on Learning 221
 
Remote Learning 222
 
Index 227

About the author

ROBERT L. MAINARDI is the Founder of Beyond Audit (formally Mainardi & Associates), a firm that develops, facilitates, and administers custom training programs in auditing and risk. He was formerly a Vice President with Penn Mutual Life Insurance where he managed audit operations, staff, and business relationships for the life, brokerage, investment, and trust and mutual fund businesses.

Summary

Your game plan for strategic success in today's remote audit department

Beyond Audit is your guide to taking advantage of this unique moment to review and enhance your audit methodology to improve execution, operations, and audit product. Change has been thrust upon the audit industry, and every company must adapt to business interruptions and remote work environments. Now is the perfect time for audit departments to step back and turn a critical eye on their own operations. We have an opportunity to identify new ways of increasing product offerings and building more effective and efficient operations, ultimately creating better results for our partners and clients.

This book will take you from a foundational understanding of the business environment through to a reflective review of your own operational effectiveness and efficiency. You'll gain access to the Audit Risk Barometer (ARB), an innovative self-assessment tool that scores audit department strengths and opportunities for improvement. This book also includes a detailed methodology for working with your business partner to ensure clear identification of business objectives. You'll also learn how to identify "true process risks" to ensure that testing remains focused and adds value. Finally, you'll learn critical skills and team development ideas for every level.
* Gain a fundamental understanding of today's business environment and how traditional and remote auditing fits into the new business puzzle
* Use the exclusive Audit Risk Barometer to conduct a valuable self-assessment and uncover your team's strengths and weaknesses
* Learn how to effectively and efficiently work with your business partner to identify objectives and value-add opportunities
* Access online resources, including video summaries and interactive tools to revamp your audit department

Beyond Audit incorporates links to online video summaries, templates mentioned throughout the book, interviews with experienced professionals, and an audit tracking software tool. This book is an enormously valuable resource for audit teams of any size and shape.

Product details

• Authors: Rl Mainardi, Robert L Mainardi, Robert L. Mainardi
• Publisher: Wiley, John and Sons Ltd
• Languages: English
• Product format: Hardback
• Released: 30.04.2021
• EAN: 9781119789604
• ISBN: 978-1-119-78960-4
• No. of pages: 256
• Series: Wiley Corporate F&A
• Subjects: Social sciences, law, business > Business > Business administration; Rechnungswesen, Revision, Accounting, Interne Revision, Auditing, Revision (Wirtsch.), Spezialthemen Rechnungswesen, Accounting Special Topics, Auditing / Internal